Refinance Calculator

Mortgage refinancing is the process of replacing your existing home loan with a new one, typically to secure better terms such as a lower interest rate, different loan term, or to access cash from your home equity.

Consider refinancing when interest rates have dropped significantly (typically 0.5-1% or more), your credit score has improved, you want to change your loan term, or you need to access cash from your home equity.

The break-even point is the time it takes for your monthly savings from refinancing to equal the closing costs you paid. If you plan to stay in your home longer than the break-even period, refinancing may be beneficial.

Refinancing closing costs typically range from 2% to 5% of your loan amount. This includes appraisal fees, title insurance, origination fees, and other administrative costs.

Yes, you can refinance with less than 20% equity, but you may need to pay private mortgage insurance (PMI) and may face higher interest rates or additional fees.

The refinancing process typically takes 30-45 days from application to closing, though it can vary depending on the lender and your specific situation.

Refinancing may cause a temporary small dip in your credit score due to the hard credit inquiry, but the impact is usually minimal and temporary if you manage the new loan responsibly.

You'll typically need recent pay stubs, tax returns, bank statements, current mortgage statement, and documentation of any other debts or assets. Your lender will provide a complete list of required documents.